HSBC Global Money Account launched

PragueAddick

Marchitiello said:

PragueAddick said:

Marchitiello said:

PragueAddick said:

For those based or working abroad like me, it seems that at present it remains NOT possible to directly send foreign currency payments to your Global Money account, in that currency, regardless of whether you have selected/partioned that currency in your Global money account.  

This is deeply disappointing, and possibly a misrepresentation (although to be fair I have not had time to look carefully at their marketing blurb to confirm that). 

It affects more customers than might at first be obvious. Examples of  personal customers who might want this facility:

 - Someone who has property abroad and receives rental income on it
- a self employed person who occasionaly does work for customers based abroad
- someone who sells something on eBay to someone abroad.

For information I have a Czech bank account with Raiffeisen which is truly multi-currency, in that both payments out and in are equally possible. So the tech is there, and being outside the eurozone is no barrier. However the margin RB charge  when converting from one currency to another inside my account, is significantly worse than HSBC's GA.

Banks...

It has been covered earlier in the thread. HSBC was clear that direct currency payment into those currency pots was not YET possible but would come later on (initially launched as a Travel Account to pre load currency before travelling and use one Debit card for all pots once on location).

however, some forum member have shared a workaround:

you can also open an HSBC Currency account to run alongside the a global Money. You can then use the currency account to receive money in the respective currency but NOT to convert the money as the Currency account has not great rates. As it is all within the HSBC systems, you can transfer the currency from the Currency account into the Global Money account, and once there, you can convert at the great rates offered.

I read the entire thread before posting. Since the last post before mine was nearly three months ago i thought readers might wish to know that nothing has changed.

As for the Currency Account workaround, it seems pretty silly to have to open yet another account just because the Global Money account is not quite what it seems. It also isn't obvious to me why I'd transfer money from the Currency Account to the Global Money account, as this apparently has to go into the GBP part of the GMA account, at the "HSBC exchange rate" which as I understand it is not as good as that used for the GMA account.

I was really quite impressed when I first learnt of the GMA. I thought it was HSBC finally realising that Wise and the other competitors are eating their lunch. As it stands now I'd still be using Wise to send EUR or CZK inbound to my HSBC account. As you say, in reality the Global Money account is just a travel account.

I do not think you should be faulting HSBC for your own understanding of the account main features, which were obviously targeted at travellers for day one. You also says that it is possible to run a multi currency account as the one you with Raiffesen, albeit at high exchange Margin… well HSBC has had an equivalent for years, it is called the Currency Account.

Finally (about what it is not obvious to you), you can do EUR to EUR pots transfer (or equivalent same currency to same currency)  between the Currency account and Global Money account without having to convert to GBP first (that would be pointless to suggest). The conversion should happen (if you need to) within the Global Money pots once is there. This is possible as it shares the “internal transfer” functionality of the HSBC online/app banking. This workflow has been shared within this thread and other thread talking about receiving money in EUR or USD. 

Well it isn't just a travel account  now, is it, as it allows you to send up to £50,000 equiv. per day. But not to receive it. And as a former advertising professional I was always taught that if the customers are confused by your message, (such as "Access the World with one account") its your fault, not theirs.

As for the Currency account, the Czech crown is not one of the 14 currencies, so that's a no-no for me, whereas it is available in GMA, (otherwise I would not even be here). But anyway even if I were sending money back in euros to the Currency account are you *quite sure* I can then move it straight into the euro segment of my GMA account? Somebody above in the thread quoted something from the T&C that this would only work if the euro segment already had some money in it. Otherwise they would tip it into the GBP part of the GMA, using their standard conversion rate.

Funny enough one thing the GMA can be used for, at least if it maintains its competitive rates, is amateur currency trading. I'm already 1.2% up on those Swiss francs I converted some 10 days ago mainly as a test of the account

Marchitiello

“Send and Spend” money around the world, picture of a guy in a foreign location, emphasis about ordering the Debit Card… it was never launched as multi purpose /multi currency account but with a published intention that it would evolve into it. The up to £50k limit is what applies to other HSBC account (more for Premier/Private). 

About what I am sure about, I and others have successfully moved EUR and USD directly in the relevant pot of the GM account. I personally had a balance in both as I did some initial tests to check rates as soon as I opened the account, so cannot comment on the part that it would not work if there was not an existing balance, and I have no use at the moment for other currencies. 

gt94sss2

PragueAddick said:

For those based or working abroad like me, it seems that at present it remains NOT possible to directly send foreign currency payments to your Global Money account, in that currency, regardless of whether you have selected/partioned that currency in your Global money account.  

This is deeply disappointing, and possibly a misrepresentation (although to be fair I have not had time to look carefully at their marketing blurb to confirm that). 

Perhaps you would be better off actually looking at what the HSBC website actually says before posting and accusing an organisation of potential misrepresentation.

From their FAQ:

glaidman

Has anyone tried withdrawing their pre-purchased currencies at an overseas HSBC ATM? While there's 0% fee by HSBC UK, do the overseas HSBC charge fees on their end?

PragueAddick

gt94sss2 said:

PragueAddick said:

For those based or working abroad like me, it seems that at present it remains NOT possible to directly send foreign currency payments to your Global Money account, in that currency, regardless of whether you have selected/partioned that currency in your Global money account.  

This is deeply disappointing, and possibly a misrepresentation (although to be fair I have not had time to look carefully at their marketing blurb to confirm that). 

Perhaps you would be better off actually looking at what the HSBC website actually says before posting and accusing an organisation of potential misrepresentation.

From their FAQ:

Well I don't think it's professional that a  customer should have to dig into the T&Cs to find out that it's a current  account where what currency you can send out and what you can receive are different. Why would anyone have that suspsicion at the outset? Have you come across another account where that's the case? And clearly HSBC accept that I'm not the only customer who wants to send money in multiple currencies both from and to the account, as they are promising that "in the future" it will actually be possible. It's like introducing a glitzy new car with the proviso in the small print that sometime in the future it will have a reverse gear. 

Anyway, here's to "the future". 

Marchitiello

glaidman said:

Has anyone tried withdrawing their pre-purchased currencies at an overseas HSBC ATM? While there's 0% fee by HSBC UK, do the overseas HSBC charge fees on their end?

I would be curious to find out as well. I did not have it when I was in Doha last time and on my more recent trips to the states could not find any (HSBC had officially sold the retail banking business there but some branches have yet to rebrand).

edit: according to a page on HSBC Canada, HSBC may not extend free ATM usage to other countries HSBC customers:

“You may be charged additional fees by the ATM operator or network used including a fee by another HSBC entity operating ATMs outside Canada”

PloughmansLunch

I've loaded up my GMA card with Euros, and will try to take some cash out from an ATM while I'm in Spain next week. I can't find any HSBC partner banks but it seems Deutsche Bank don't charge ATM withdrawal fees so will use theirs if I can. 

Marchitiello

PloughmansLunch said:

I've loaded up my GMA card with Euros, and will try to take some cash out from an ATM while I'm in Spain next week. I can't find any HSBC partner banks but it seems Deutsche Bank don't charge ATM withdrawal fees so will use theirs if I can. 

Someone else in one of those post talking about travel cards mentioned one or two Spanish atm operators options that did not charge a fee, but cannot remember which one these were. If you have a Santander account, worth checking if it allows for free Santander ATM usage abroad at also no forex fee (Select definitely does, but I think most account do) and therefore worth using it as a back up (I believe it will exchange at MasterCard rate if not mistaken, which may be slightly worst that the one used by HSBC when you exchanged but without the fee may still works out cheaper overall) 

PloughmansLunch

Marchitiello said:

PloughmansLunch said:

I've loaded up my GMA card with Euros, and will try to take some cash out from an ATM while I'm in Spain next week. I can't find any HSBC partner banks but it seems Deutsche Bank don't charge ATM withdrawal fees so will use theirs if I can. 

Someone else in one of those post talking about travel cards mentioned one or two Spanish atm operators options that did not charge a fee, but cannot remember which one these were. If you have a Santander account, worth checking if it allows for free Santander ATM usage abroad at also no forex fee (Select definitely does, but I think most account do) and therefore worth using it as a back up (I believe it will exchange at MasterCard rate if not mistaken, which may be slightly worst that the one used by HSBC when you exchanged but without the fee may still works out cheaper overall) 

In that case I should be well covered between my Chase card, HSBC GMA, and Santander 123 Lite (cash from Santander ATM only, otherwise 2.95% conversion fee for cash withdrawals and debit card use).

Marchitiello

PloughmansLunch said:

Marchitiello said:

PloughmansLunch said:

I've loaded up my GMA card with Euros, and will try to take some cash out from an ATM while I'm in Spain next week. I can't find any HSBC partner banks but it seems Deutsche Bank don't charge ATM withdrawal fees so will use theirs if I can. 

Someone else in one of those post talking about travel cards mentioned one or two Spanish atm operators options that did not charge a fee, but cannot remember which one these were. If you have a Santander account, worth checking if it allows for free Santander ATM usage abroad at also no forex fee (Select definitely does, but I think most account do) and therefore worth using it as a back up (I believe it will exchange at MasterCard rate if not mistaken, which may be slightly worst that the one used by HSBC when you exchanged but without the fee may still works out cheaper overall) 

In that case I should be well covered between my Chase card, HSBC GMA, and Santander 123 Lite (cash from Santander ATM only, otherwise 2.95% conversion fee for cash withdrawals and debit card use).

I have all your listed option and some more but I only suggested Santander as a back up if you cannot find a free ATM in Spain and Santander should be easy to find.. Chase, HSBC, Or other options would incur a fee if the ATM operators you can find charges.